This is Bloomberg Opinion Today, a solipstisic soliloquy on Bloomberg Opinionâs opinions. Sign up here. Californiaâs power grid is buckling [Bloomberg](
Follow Us [Get the newsletter]( This is Bloomberg Opinion Today, a solipstisic soliloquy on Bloomberg Opinionâs opinions. [Sign up here](. Todayâs Agenda - Californiaâs power grid is [buckling in the heat](.
- [Winter is coming]( for Europeâs small businesses.
- Shortening the lifespan of [âforever chemicals.â](
- Adjusted for inflation, the US economy [is in terrible shape](.
The Nightmare of Californication The climate crisis is making droughts, wildfires and extreme weather events almost commonplace. Peak demand for electricity in California this weekend threatens to top 48 gigawatts, exceeding the state grid operatorâs once-every-five-years scenario. An intense and sustained heat wave is severely testing the ability of the worldâs fifth-largest economy to keep the lights on and the air conditioners humming. Governor Gavin Newsom declared an emergency on Wednesday, which may have spurred legislators to vote a few hours later in favor of keeping the stateâs last remaining nuclear power plant open. âItâs a no-brainer,â David Fickling writes in [the Elements newsletter](. But the hot weather stretches far beyond Californiaâs borders. With the power infrastructure working overtime from San Diego all the way up to northern Idaho and inland as far as eastern Montana, the imports of electricity that California depends on may not be available.  âAs with the weather itself, Californiaâs assumptions about available resources are in flux,â David writes. âAs vast as US power grids are, the scope of climate change is bigger still.â Even Cafés Deserve Government Help With Their Energy Bills Itâs not just California that faces an energy crisis. The son of the owner of a small café in Leicester prompted a [twitterstorm]( this week after posting what will happen to his motherâs electricity bill. She currently pays about £10,000 ($11,600) per year; starting next month, that will jump to a staggering £55,000. European governments have focused on how to help households cope with the looming surge in energy costs they face this winter. But [small businesses will also need assistance](, writes Javier Blas. Central bankers are worried that accelerating consumer prices will lead workers to demand higher wages; but if companies raise their charges for goods and services to offset bigger electricity bills, âpolicymakers may face an even more sustained inflationary outlook than they are currently anticipating,â he says. Extending price caps to firms such as small bakeries, landlord-owned pubs and corner shops, effectively treating them as households, would provide short-term relief. And utility companies shouldnât be allowed to demand huge deposits before agreeing to supply power to small businesses. âPoliticians across Europe need to discuss not just how to help families, but the thousands of small and medium-sized companies that provide the jobs those families rely on,â Javier argues. âOtherwise this winterâs energy drama risks developing into a full-blown economic crisis.â Forever Just Got a Bit Shorter Perfluoroalkyl and polyfluoroalkyl substances are known as PFAS, and are used to add water- and grease-resistance to everything from dental floss to mascara to nonstick pans. But theyâve also been linked to a wide range of diseases â which is a problem, given that [theyâre also known as âforever chemicalsâ]( due to the carbon-fluorine bonds that make getting rid of them incredibly difficult. âCompanies keep churning out forever chemicals, and consumers keep buying products made more convenient because of them,â writes Lisa Jarvis. The damaging molecules can linger for years in soil, water and our bodies. But scientists at Northwestern University have come up with a method of dissolving some of them using just water, a widely used solvent called DMSO, and sodium hydroxide. Itâs a start, at least. âThe Northwestern teamâs discovery wonât fix the worldâs PFAS problems anytime soon.â Lisa says. âIt could help with the clean-up and inspire other inventions that bring safer drinking water closer to reality.â Telltale Charts The Federal Reserveâs determination to curb inflation will drive the economy into recession. But Wall Street is currently [focusing on the wrong data](. âThe inflation-adjusted numbers tell a more dire story,â argues Gary Shilling. Further Reading [These 50 startups rose]( as America locked down. â Bloomberg Opinion Liz Truss is about to get her hands on [Brexit dynamite](. â Therese Raphael No, Alaska hasnât figured out [a better way to vote](. â Jonathan Bernstein ICYMI [ESGâs crown is slipping](, and itâs mostly the fund management industryâs fault. The incoming boss at Starbucks is [a move-fast espresso drinker]( whoâs new to retail. [Cyberattacks on Western companies]( have increased since Russiaâs invasion of Ukraine. The global bond market has slumped into [its first bear market in a generation](. Kickers [Stoners may not be slackers]( after all, University of Cambridge study shows. âAlexa, play [âPoopy Stupid Buttâ]( again...â (h/t Parmy Olson) Notes: Please send non-scatological listening recommendations and complaints to Mark Gilbert at magilbert@bloomberg.net. [Sign up here]( and follow us on [Instagram](, [TikTok](, [Twitter]( and [Facebook](. Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before itâs here, itâs on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals canât find anywhere else. [Learn more](. You received this message because you are subscribed to Bloomberg's Opinion Today newsletter.
[Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( [Ads Powered By Liveintent]( | [Ad Choices](
Bloomberg L.P. 731 Lexington, New York, NY, 10022